The Nigerian government has yielded after the social movement experienced in the country due to the severe impact of inflation.
The Nigerian government has approved a salary increase of 25 to 35% for public servants. Pensions for retirees have also been enhanced, announced the Salary Commission.
This increase affects all federal government employees, including those in the health, education, and security sectors.
The lowest-paid government employee will earn 450,000 nairas ($323.97) per year, or 37,500 per month, stated the National Commission on Salaries, Income, and Wages in a release, as reported by the local press.
In Nigeria, the population is facing an inflation rate of 33.20%, the highest in 28 years, following the government's removal of a popular oil subsidy and foreign currency controls, which has weakened the naira currency.
The decision to enhance salaries and pensions aims to mitigate the effects of this inflationary crisis on citizens, particularly public servants who often struggle to cover their daily expenses with stagnant incomes. According to the government, this increase should help improve living standards and stimulate domestic consumption.
In addition to these increases, the government has announced a series of measures to support the economy. This includes increased investments in infrastructure, such as roads, hospitals, and schools, as well as an initiative to encourage entrepreneurship among the youth.
The public reaction to these changes has been generally positive, although some critics point out that the measures taken are insufficient to deal with the magnitude of the current inflation. Nonetheless, these salary adjustments are seen as a necessary step to preserve social and economic stability in the country.
The government remains vigilant about the economic situation and is prepared to adjust its policy as necessary to ensure prosperity and economic stability in Nigeria.
